Briefs

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More Egyptian gas to Europe

EGYPT and Bulgaria this week signed a Memorandum of Understanding (MoU) by virtue of which Bulgaria will receive one billion cubic metres of Egyptian gas starting 2011-2012. Egyptian gas will be delivered to Bulgaria through the Arab gas pipeline, extending from Egypt through Jordan, Syria and Turkey, then it will be transported through the liquefied natural gas (LNG) terminals in southeast Europe. It is worth noting that Egypt is committed to not signing any LNG export agreements until the end of 2010.

In the meantime, Egypt took part in a two- day summit on Natural Gas for Europe: Security and Partnership, hosted in the Bulgarian capital Sofia last Friday. Leaders from the EU, the United States and 28 other gas- producing and gas-consuming countries discussed the means to guarantee secure gas supplies to Europe.

Egypt made it clear that it is planning on playing an active role in supplying EU countries with natural gas through Bulgaria. One of the most highly advanced tools is to transport gas in tankers in a liquefied state to the importing country where it can be transformed back to its gaseous state. The new technique represents a more flexible and convenient means to trade in gas.

Stunning growth

ON HIS SECOND trip to Egypt, last week Microsoft CEO Steve Balmer said that he continues to see remarkable development in Egypt's information technology (IT) sector despite the global slowdown. "The growth in the IT sector is stunning," he said, adding that in most countries it is shrinking. "This growth is testimony to the energy and vibrancy in the market," he told a gathering organised by the American Chamber of Commerce in Cairo (AmCham).

Balmer acknowledged that the contraction in the global economy is bound to affect IT spending by companies. "Businesses will cut back and consumers will have the discretionary income to buy some of the things they used to buy," he said. Yet he said the technology will continue to evolve. But he said that technology should attempt to deliver more value at lower cost and give businesses more agility. Furthermore, it should make acquiring information easier and faster.